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Golden Entertainment to Bring Atomic Range, a New Golf Experience, to The STRAT
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Golden Entertainment has entered an agreement with Flite Golf & Entertainment to develop Atomic Range, a 92,000-square-foot golf entertainment facility, on seven acres of company-owned land adjacent to The STRAT in Las Vegas. This innovative venue will feature over 100 hitting bays and is projected to open by the end of 2023, creating more than 500 jobs. Development costs are estimated at $70 million, with Golden sharing in the gross revenue. This project aims to enhance guest traffic to The STRAT and contribute to the redevelopment of the North Strip.
Positive
Partnership with Flite Golf to develop Atomic Range.
Projected opening of Atomic Range by the end of 2023.
Creation of over 500 new jobs.
Estimated development costs of $70 million to enhance facilities.
Negative
None.
- Created by Flite Golf & Entertainment, Atomic Range will span four stories and feature more than 100 hitting bays across 92,000 square feet
- Golden Entertainment to contribute approximately seven acres of land for development to be leased to and funded by Flite Golf & Entertainment
- Atomic Range expected to drive new guest traffic to The STRAT by offering a unique entertainment experience to the North Las Vegas Strip, Downtown, and Las Vegas Locals markets
LAS VEGAS--(BUSINESS WIRE)--
Golden Entertainment, Inc. (NASDAQ:GDEN) (“Golden Entertainment”, “Golden” or the “Company”) announced today that it entered into a definitive agreement with Flite Golf & Entertainment (“Flite Golf”) to bring Atomic Range, a new 92,000-square-foot golf entertainment destination, to seven acres of Company-owned land adjacent to The STRAT Hotel, Casino & SkyPod (“The STRAT”) in Las Vegas. The new Atomic Range will be located on Las Vegas Boulevard, just north and adjacent to The STRAT.
Atomic Range brings a unique golf entertainment experience to The STRAT and the Las Vegas Strip. (Graphic: Business Wire)
Pursuant to the terms of the agreement, Golden Entertainment will contribute seven acres of undeveloped real estate to Flite Golf and will share in the gross revenue generated by Atomic Range under a lease arrangement. Flite Golf will be responsible for all Atomic Range development and operating costs, which will leverage Flite Golf’s next-generation technology to provide an unmatched experience for players of all ages and abilities. Flite Golf has partnered with Century Golf, which has managed over 500 golf facilities worldwide, to operate Atomic Range with development expected to break ground in Q2 2022 with a projected completion date by the end of 2023. Flite Golf’s construction costs are expected to be approximately $70 million and Atomic Range will create over 500 new jobs.
Charles Protell, President and Chief Financial Officer of Golden Entertainment, commented, “Since acquiring The STRAT, Golden has invested over $100 million in renovating the property and we are seeing a significant return on our capital investment. Partnering with Flite Golf to develop Atomic Range will allow us to utilize our excess real estate adjacent to the STRAT to create a unique driver of visitation to our property that continues the redevelopment of the North Strip and investment in the City of Las Vegas. Flite Golf’s development experience, innovative technology and substantial equity commitment to Atomic Range makes them the perfect partner to develop this attraction. We are excited to provide this new golf experience to our guests at the STRAT, as well as Downtown visitors, convention attendees, guests at North Strip properties and Las Vegas locals.”
“As we sought to bring our next-generation golf technology to the entertainment capital of the world, it was clear that Golden Entertainment and The STRAT offered a common vision and premier location to maximize visitation to Atomic Range from guests seeking a new and unique golf entertainment experience,” said John Vollbrecht, Chief Executive Officer and founder of Flite Golf & Entertainment. “We look forward to our partnership with Golden and launching our flagship property.”
Atomic Range, a production of Flite Golf and located at The STRAT, will be a premier golf entertainment destination that offers an immersive, technology-enhanced experience through game play and entertainment. Atomic Range will span nearly seven acres, rise four stories and host 103 separate hitting bays when it opens in 2023. It will also include four bars, meeting space, and a 12,000-square-foot Astrocade.
Renderings for download, courtesy of Flite Golf & Entertainment 1. Atomic Range brings a unique golf entertainment experience to The STRAT and the Las Vegas Strip.
2. Atomic Range will span four stories and feature more than 100 hitting bays across 92,000 square feet.
Forward-Looking Statements
This press release contains forward-looking statements regarding future events and the Company’s future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements can generally be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “potential,” “seek,” “should,” “think,” “will,” “would” and similar expressions, or they may use future dates. In addition, forward-looking statements include statements regarding potential additional payments from Caesars relating to William Hill, the Company’s strategies, objectives and business opportunities; anticipated future growth and trends in the Company’s business or key markets; projections of future financial condition, operating results, income, capital expenditures, costs or other financial items, including anticipated future cash generation and resulting ability to reduce leverage and return capital to shareholders; and other characterizations of future events or circumstances as well as other statements that are not statements of historical fact. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. These forward-looking statements are subject to assumptions, risks and uncertainties that may change at any time, and readers are therefore cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause the actual results to differ materially include: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments; changes in national, regional and local economic and market conditions; legislative and regulatory matters (including the cost of compliance or failure to comply with applicable laws and regulations); increases in gaming taxes and fees in the jurisdictions in which the Company operates; the Company’s ability to realize the anticipated cost savings, synergies and other benefits of its casino and other acquisitions; litigation; increased competition; the Company’s ability to renew its distributed gaming contracts; reliance on key personnel (including our Chief Executive Officer, President and Chief Financial Officer, and Chief Operating Officer); the level of the Company’s indebtedness and its ability to comply with covenants in its debt instruments; terrorist incidents; natural disasters; severe weather conditions (including weather or road conditions that limit access to the Company’s properties); the effects of environmental and structural building conditions; the effects of disruptions to the Company’s information technology and other systems and infrastructure; factors affecting the gaming, entertainment and hospitality industries generally; and other risks and uncertainties discussed in the Company’s filings with the SEC, including the “Risk Factors” sections of the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future developments or otherwise. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.
About Golden Entertainment, Inc.
Golden Entertainment owns and operates gaming properties across two divisions – casino operations and distributed gaming. Golden Entertainment operates over 16,700 slots, 120 table games, and 6,200 hotel rooms. Golden Entertainment owns 10 casino resorts – nine in Southern Nevada and one in Maryland. Through its distributed gaming business in Nevada and Montana, Golden Entertainment operates video gaming devices at over 1,000 locations and owns over 60 traditional taverns in Nevada. Golden Entertainment is also licensed in Illinois and Pennsylvania to operate video gaming terminals. For more information, visit www.goldenent.com.
About Flite Golf & Entertainment
Flite Golf & Entertainment is a global golf entertainment company headquartered in Dallas. Flite builds, deploys and supports innovative solutions needed to drive technology-enhanced ranges, whether on green grass or in a multi-million-dollar entertainment venue. Utilizing their innovative next-gen games, course play and guest management software, Flite brings a complete technology solution to existing range operators as well as entirely new venues seeking to offer a contemporary golf entertainment experience. Flite is a turnkey solution that is driving golf entertainment. To learn more, please visit www.flitegolf.com.
About Century Golf Entertainment
Century Golf is the most experienced management team in the club and golf industry having operated over 500 golf courses, golf resorts, country clubs, city clubs, stadium and sports clubs. Century Golf owns and/or operates clubs and courses throughout the U.S., including PGA WEST and the Citrus Club in La Quinta, California and Walt Disney World Golf in Orlando, Florida. The company has developed a golf entertainment division led by Brian Birckbichler, an experienced operations leader formerly with Topgolf and with Drive Shack, to expand its operations. For more information, please visit www.centurygolf.com.
